近日，东鹏饮料发布投资者关系活动记录表。当中披露，谈及今后的主要增长方向，东鹏饮料表 示："我们始终认为，网点仍具备较大的增长潜力。公司长期坚持网点拓展与单点盈利能力提升并行推 进的发展策略。在单点业绩增长层面，近两年我们持续推新，加强渠道布局，多款新品均收获了超出预 期的市场反馈，未来，我们将继续以新品迭代为核心驱动力，为公司业绩增长注入更多活力。 在功能创新领域，2025 年我们重点推出两款差异化产品：一是推出无糖特饮添加了 L-α-甘磷酸胆碱， 精准切入健康饮品细分赛道；二是成功斩获保健食品认证的加强型牛磺酸能量饮料，进一步丰富了公司 在能量饮料领域的产品矩阵，实现赛道内的多元化布局。" （企业公告） (编辑：王璨 林辰)关键字： 饮料 东鹏饮料 产品销售方面，核心老品在省内市场保持稳健增长态势，而省外市场则存在广阔的开拓空间。针对省外 市场，我们长期深耕消费者培育工作，通过赛事赞助等高空广告投放及线下推广活动的多维布局，品牌 影响力持续提升。目前，年轻消费群体对品牌的认知度已显著增强，白领群体的饮用渗透率也在稳步提 高。 ...

近日，东鹏饮料发布投资者关系活动记录表。当中披露，关于海岛椰在餐饮渠道中的规划，东鹏饮料指 出，餐饮渠道是公司战略布局的核心探索赛道之一。国内餐饮行业门店基数庞大，消费场景多元丰富， 蕴藏着可观的市场潜力与增长空间。基于产品饮用场景的精准适配性考量，公司选定植物蛋白饮料"海 岛椰"作为餐饮渠道切入的核心试点单品。该产品不仅能够契合餐饮消费场景下的佐餐需求，其独特的 产品调性与包装设计，亦与节庆礼赠的消费氛围高度适配，具备"餐饮+礼赠"双场景驱动的市场竞争 力。未来，公司将持续加大资源投入力度，深耕餐饮渠道拓展工作，通过精细化运营策略，推动产品与 餐饮消费场景的深度融合与强绑定，着力提升产品在餐饮饮品市场的渗透率与占有率，为公司业绩增长 开拓全新增长点。 （企业公告） ...

Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The report emphasizes the upward trend in Moutai's batch price, indicating a potential rebound in the liquor sector, particularly led by Guizhou Moutai [2][11] - The consumer environment is improving, with high-end consumption showing signs of recovery, driven by the wealth effect from the stock market [2][11] - The report highlights the positive performance of mass consumer products, particularly in the beverage and snack sectors, with significant month-on-month and year-on-year improvements in January data [3][13] Market Performance Review - The food and beverage sector saw a weekly increase of +4.31%, outperforming the Shanghai Composite Index and the CSI 300 Index, which decreased by -1.27% and -1.33%, respectively [1][19] - Specific segments such as liquor (+5.29%), soft drinks (+4.71%), and beer (+4.48%) showed strong performance, while health products experienced a decline of -1.36% [1][19] Sector Investment Recommendations - **Liquor Sector**: The report recommends focusing on leading brands like Guizhou Moutai, Luzhou Laojiao, Shanxi Fenjiu, and Gu Qingongjiu, anticipating strong sales during the Spring Festival [4][12] - **Mass Consumer Products**: The report suggests investing in snacks, dairy, and beverages, highlighting companies like Wei Long, Salted Fish, and East Peak Beverage as key recommendations due to favorable cost advantages and growth potential [4][13][15] - **Dairy Products**: The report recommends focusing on upstream dairy farms like You Ran Mu Ye and downstream brands such as New Dairy and Yili, anticipating a dual boost from raw milk and beef cycles [4][16] Key Data Tracking - The report tracks significant price movements in key products, including the batch price of Moutai reaching 1760 yuan, indicating strong demand in the high-end market [2][11][53] - The dynamic price-to-earnings ratio for the food and beverage sector is reported at 21.79 times, with liquor at 19.44 times, indicating a relatively attractive valuation [25]

2026年开年以来，港股IPO市场延续火热态势，新股扩容稳步加快，"A+H"两地上市热潮也在同步升温。根据安排，2月9日—13日这周，港交所将迎来6只 新股集中上市，分别为先导智能、沃尔核材、澜起科技、海致科技集团、乐欣户外和爱芯元智，其中澜起科技、先导智能、沃尔核材3家系A股上市公司， 这意味着"A+H"股阵营也将扩容。经统计，开年至今，港股市场已上市18只新股，其中"A+H"股占据了7个席位，港股市场"含A量"持续提升。另外值得一提 的是，2026年开年港股新股募资表现亮眼，目前已有牧原股份、东鹏饮料两只超百亿港元募资新股上市。 | 序号 证券代码 | | 证券名称 | | 上市日期 | 易集 | | --- | --- | --- | --- | --- | --- | | | | | િ | | [单位 | | 1 | 9981.HK | | 沃尔核材 ピ | 2026-02-13 | | | 2 | 2706.HK | | 海致科技集团 ピ | 2026-02-13 | | | 3 | 0470.HK | | 先导智能 ~ | 2026-02-11 | | | イ | 2720.HK | | 乐欣户 ...

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，新品在爬坡期毛利率相对较低，难免会对 综合毛利率带来结构性的摊薄，但除了产品结构之外，综合毛利率还受原材料价格及规模效应等多重因 素的影响。随着公司供应链管理的优化及规模效应的显现，公司预计综合毛利率将持续保持在健康、合 理的范围内。新品前期试销过程中会加大中奖率，拉动尝新，提升品牌认知，增强客户黏性。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司未按品类拆分团队。 ...

（编辑 丛可心） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司持续围绕多品类发展战略，构建1+6产 品矩阵，拓展新客群，探索新渠道；数字化系统深度链接沟通消费者，强化消费者对品牌的认同感；秉 承"以业绩为导向，以动销为指导"的经营方针，长效赋能企业增长。 ...

（编辑 丛可心） 证券日报网2月6日讯 ，东鹏饮料在接受调研者提问时表示，公司需对空中广告的投放场景、覆盖效 率、费用成本等进行综合考量。公司始终秉持"精准投放、高效转化"的营销原则，所有投放决策均会基 于品牌增长需求、市场环境变化及投入回报预期综合判断。 ...

证券日报网2月6日讯，东鹏饮料（605499）在接受调研者提问时表示，公司秉持提质增效原则，平衡规 模增长与盈利质量。各品类达到规模效应后的利润率，核心取决于"赛道选择+成本管控+费用效率"的 协同效应。公司将通过聚焦高潜力细分赛道、持续优化供应链与生产效率、实施精细化费用管理，推动 各品类在规模增长的同时实现盈利稳步提升。 ...